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Norway’s $1.7 trillion sovereign wealth fund posted a first-quarter loss of 415 billion Norwegian crowns (approximately $39.7 billion), with underperformance in the technology sector identified as the main driver behind the decline.
Managed by Norges Bank Investment Management, the fund is one of the world’s largest institutional investors. It channels revenue from the country’s oil and gas production into a diversified global portfolio. While tech stocks have played a strong role in the fund’s recent years of growth, recent volatility in the sector weighed heavily on returns during the start of 2025.
The fund holds significant exposure to U.S. assets — including equities, government bonds, and real estate — with more than half of its portfolio allocated to the United States as of the end of 2024.
Despite the loss, the fund remains anchored in a long-term strategy, with continued focus on diversification across sectors and asset classes. Following a record-setting profit in 2024, this latest result reflects the broader uncertainty affecting markets with high exposure to large-cap tech stocks.
